Insights

Gold in 3 Week Downtrend

Gold bugs just can’t seem to catch a break, while Bitcoin flys up and down the precious metal has been in a bit of slump lately despite ample fears that normally push the price higher. What is the deal with Gold?

Traders see it as a bearish signal, but logic would assume that given fears over China’s struggling real-estate firm Evergrande and the threat it poses to the economy we would see safe havens trend upward. Perhaps because the firm got restructuring plans and showed a readiness to pay a “scheduled coupon” with government support to lift the sentiment and mood of the market. What kind of free market are we in when the Federal Reserve and the Chinese Communist Party are dictating the price movements of assets? 

The price of Gold is inching toward $1,717 at the time of this writing.

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